Core Insights - Ithaca Energy has signed a farm-in agreement with Shell UK for a 50% working interest in licences P2629 and P2630, which include the Tobermory gas discovery in the West of Shetland basin [1][2] - The agreement enhances Ithaca Energy's position as a significant player in a key gas hub, contributing to the UK's energy security [2][4] - The West of Shetland basin is identified as critical for Ithaca Energy's long-term growth, with ongoing developments in the Rosebank field and progress in the Cambo and Tornado discoveries [3][4] Company Positioning - Ithaca Energy claims to be one of the largest independent oil and gas companies on the UK Continental Shelf, ranking second-largest by production [4] - The company has a 50/50 joint venture with Shell in the Tornado discovery, which is strengthened by the new farm-in agreement [2][3] Strategic Developments - The farm-in agreement is part of Ithaca Energy's broader investment strategy in the West of Shetland basin [1] - In March 2023, Ithaca Energy acquired JAPEX UK E&P, increasing its interest in the Seagull oilfield from 35% to 50%, with an enterprise value of $193 million (£149.5 million) [5]